|
Economy surges 6.4 % in the first-quarter
GDP, U.S. Economy
The U.S. Gross domestic product continued to grow at very solid pace during the January-through-March period,
Gross domestic product grew in double digits in first-quarter by 6.4 % to $22,049 billions, an increase from $21,495 billions in the forth-quarter on the seasonally adjusted basis, led by 10.7 % increase in consumer spending, adding 7 of a percentage point to GDP, reported by the U.S. Commerce Department.
A slew of recent economic data point to continued economic strength during the first-quarter, Economists continue to debate whether the economy could maintain its current pace of growth.
The newly revised growth numbers reinforce the view that the economy remains in a very strong state. Salaries and Worker wages grew by 1.66 % quarterly.
U.S. GDP rose by 0.4 % over the past 12 months, led by growth in consumer and government spending. |
Consumer spending grew in double digits in first-quarter by 10.7 %
With estimated annual rate of $15,041 billions, seasonally adjusted in the forth-quarter, consumer spending accounts for 69.98 % of economic activity on the seasonally adjusted basis, led by 6.24 % increase in spending on recreation, reported by the U.S. Commerce Department.
Spending on U.S. made Goods increased by 14.4 %, where consumption of Durable Goods grew by 41.4 %, driven by higher sales of furniture and household equipment.
Growth in nondurable goods of 4.6 %, was helped by improving consumption gasoline and other energy goods, up 22.35 %.
U.S. Sevice sector grew faster than gross national product by 23.6 %, led by 6.24 % increase in spending on recreation. Consumer spending for services accounts for 67.81% of total speding and 45.86% of total GDP.
Final sales for domestic product, considered a measure of domestic demand because it excludes inventories and trade, jumped at a 9.2 % rate in the first-quarter after rising 2.9 % in the forth-quarter.
The second estimate of GDP incorporates more data from the private sector and provides a more accurate measure of growth than the initial report. The revision is also the first to include data on business earnings.
• More on U.S. Real Gross Domestic Product
|
|
Contributions
to Percent Change in Real GDP |
|
7.02% |
-0.87% |
1.12% |
-0.06% |
|
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|
|
|
|
|
|
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Government Consumption |
|
|
Government spending soared by 6.30 %, state and local government spending rose 1.70 % up from -0.80 % in previous period, government spending contributed 1 of a percentage point to growth.
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International Trade |
|
|
Diversified |
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Investments faded in first-quarter by -5.00 % to $3,902 billions, despite the increase in Gross national product on the seasonally adjusted basis, reported by the U.S. Commerce Department.
Liquidation of inventory from January-through-March acted as a major drag on growth, but that liquidation will set the stage for stronger growth later after companies have brought supply back in line with demand.
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U.S. growth would have been even faster if imports, which subtract from GDP, hadn't increased sharply: Imports rose 5.70 % from 29.80 % in the first-quarter.
• Relation of U.S. GDP, U.S. GNP
• Corporate Profits by Industry
|
|
|
|
|
|
|
|
Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
I Quarter
2021
rev. |
IV Quarter
2020
adv. |
III Quarter
2020
final |
II Quarter
2020
rev. |
I Quarter
2020
adv. |
IV Quarter
2019
final |
| Gross domestic product (GDP) |
|
6.4 % |
4.3 % |
33.4 % |
-31.7 % |
-5 % |
2.1 % |
|
Personal consumption expenditures |
|
10.7 % |
2.3 % |
41 % |
-34.1 % |
-6.8 % |
1.7 % |
| Goods |
|
14.4 % |
-1.6 % |
31.1 % |
-14.9 % |
8 % |
-0.3 % |
| Durable goods |
|
41.4 % |
-1.1 % |
82.7 % |
-1.3 % |
-13.8 % |
2.6 % |
| Nondurable goods |
|
4.6 % |
4.3 % |
38 % |
-43.1 % |
-9.8 % |
2.2 % |
| Services
|
|
23.6 % |
-1.4 % |
47.2 % |
-10.6 % |
0.2 % |
0.7 % |
| |
|
|
|
|
|
|
|
Gross private domestic investment |
|
-5 % |
27.8 % |
86.3 % |
-46.2 % |
-10.2 % |
-6 % |
| Fixed investment |
|
10.1 % |
18.6 % |
31.3 % |
-28.9 % |
-1.3 % |
-0.5 % |
| Nonresidential |
|
9.9 % |
13.1 % |
22.9 % |
-26 % |
-6.4 % |
-2.3 % |
| Structures |
|
-4.8 % |
-6.2 % |
-17.4 % |
-33.4 % |
2.6 % |
-8.1 % |
| Equipment &
software |
|
16.7 % |
25.4 % |
68.2 % |
-35.9 % |
-16.6 % |
-4.4 % |
| Residential |
|
10.8 % |
36.6 % |
63 % |
-37.9 % |
18.2 % |
6.2 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
| Exports
|
|
-1.1 % |
22.3 % |
59.6 % |
-63.2 % |
-9 % |
2 % |
| Goods |
|
-0.9 % |
31.1 % |
104.3 % |
-66.3 % |
-1.9 % |
-0.5 % |
| Services |
|
-1.5 % |
5.2 % |
-0.5 % |
-56.9 % |
-21.1 % |
7.1 % |
| Imports
|
|
5.7 % |
29.8 % |
93.1 % |
-54 % |
-15.7 % |
-8.6 % |
| Goods |
|
5.5 % |
31 % |
110.2 % |
-49.5 % |
-12.2 % |
-11.5 % |
| Services |
|
6.5 % |
23.8 % |
24.9 % |
-69.7 % |
-28.6 % |
4.6 % |
| |
|
|
|
|
|
|
| Govt. consumption exp.
& gross investment |
|
6.3 % |
-0.8 % |
-4.8 % |
2.8 % |
1.1 % |
2.6 % |
| Federal |
|
13.9 % |
-0.9 % |
-6.2 % |
17.6 % |
2 % |
3.8 % |
| National defense |
|
-3.4 % |
4.8 % |
3.2 % |
4.2 % |
1.1 % |
5.3 % |
| Nondefense |
|
44.8 % |
-8.9 % |
-18.3 % |
40.1 % |
3.3 % |
1.7 % |
| State & local |
|
1.7 % |
-0.8 % |
-3.9 % |
-5.5 % |
0.5 % |
1.9 % |
| |
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
| Final sales of domestic product |
|
9.2 % |
2.9 % |
25.9 % |
-28.5 % |
-3.5 % |
3.1 % |
| Gross domestic purchases |
|
7.1 % |
5.7 % |
37.3 % |
-30.8 % |
-6.1 % |
0.5 % |
| Final sales to domestic
purchasers |
|
9.8 % |
4.4 % |
29.8 % |
-27.6 % |
-4.6 % |
1.5 % |
| Gross national product
(GNP) |
|
- % |
4.2 % |
34.6 % |
-32.9 % |
-5.6 % |
- % |
| Disposable personal income |
|
61.3 % |
-10.1 % |
-16.3 % |
47 % |
0.9 % |
1.7 % |
| |
|
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| Current-dollar measures: |
|
|
|
|
|
|
| GDP |
|
10.7 % |
6.3 % |
38.3 % |
-33.3 % |
-3.4 % |
3.5 % |
| Final sales of domestic product |
|
13.8 % |
5.1 % |
30.2 % |
-29.8 % |
-2.2 % |
4.4 % |
| Gross domestic purchases |
|
14.1 % |
6.2 % |
33.9 % |
-28.6 % |
-3.1 % |
2.9 % |
| Final sales to domestic purchasers |
|
14.4 % |
7.1 % |
43.7 % |
-33.9 % |
-4.5 % |
2.5 % |
| GNP |
|
- % |
6.2 % |
39.6 % |
-34.5 % |
-4.1 % |
- % |
| Disposable personal income |
|
67 % |
-8.8 % |
-13.2 % |
44.4 % |
2.2 % |
3 % |
| |
|
|
|
|
|
|
Quarters seasonally adjusted
(Quarterly Y / Y, in %) |
I Quarter
2021
rev. |
IV Quarter
2020
adv. |
III Quarter
2020
final |
II Quarter
2020
rev. |
I Quarter
2020
adv. |
IV Quarter
2019
final |
| Gross domestic product (GDP) |
|
0.4 % |
-2.4 % |
-2.8 % |
-9.1 % |
0.3 % |
2.3 % |
|
Personal consumption expenditures |
|
1.6 % |
-2.7 % |
-2.8 % |
-10.5 % |
0.6 % |
2.6 % |
| Goods |
|
5.8 % |
4.1 % |
4.3 % |
-1.7 % |
4.4 % |
3 % |
| Durable goods |
|
25.9 % |
11.6 % |
12.8 % |
-1.4 % |
2 % |
5.9 % |
| Nondurable goods |
|
-3.2 % |
-6.8 % |
-7.3 % |
-14.5 % |
-0.8 % |
2 % |
| Services
|
|
12.5 % |
6.7 % |
7.2 % |
-1.6 % |
3.6 % |
4 % |
| |
|
|
|
|
|
|
|
Gross private domestic investment |
|
4.8 % |
3.7 % |
-3.4 % |
-16.8 % |
-5.9 % |
-1.9 % |
| Fixed investment |
|
5 % |
2.1 % |
-1.9 % |
-7.7 % |
-1 % |
0.1 % |
| Nonresidential |
|
2.7 % |
-1.4 % |
-4.5 % |
-8.5 % |
-3.1 % |
-0.3 % |
| Structures |
|
-16.4 % |
-16.1 % |
-15.9 % |
-10.9 % |
-6.5 % |
-6.5 % |
| Equipment &
software |
|
12.1 % |
3.5 % |
-2.6 % |
-14.9 % |
-6.2 % |
-1.9 % |
| Residential |
|
12.3 % |
14.3 % |
7.2 % |
-4.9 % |
6.3 % |
1.6 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
| Exports
|
|
-8.9 % |
-10.9 % |
-14.6 % |
-23.2 % |
-3 % |
0.3 % |
| Goods |
|
-3.1 % |
-3.6 % |
-9.3 % |
-23.3 % |
-1.6 % |
- % |
| Services |
|
-19.7 % |
-23.9 % |
-24 % |
-23.2 % |
-5.7 % |
0.9 % |
| Imports
|
|
5 % |
-0.6 % |
-8.6 % |
-22.4 % |
-5.8 % |
-2.2 % |
| Goods |
|
10 % |
5.3 % |
-4 % |
-20.1 % |
-5.8 % |
-3.4 % |
| Services |
|
-16.1 % |
-24.1 % |
-27.9 % |
-31.8 % |
-6.1 % |
3.3 % |
| |
|
|
|
|
|
|
| Govt. consumption exp.
& gross investment |
|
0.7 % |
-0.5 % |
0.3 % |
2.1 % |
2.5 % |
3 % |
| Federal |
|
5.4 % |
2.4 % |
3.6 % |
6.8 % |
4.2 % |
4.4 % |
| National defense |
|
2 % |
2.9 % |
3.3 % |
4 % |
2.7 % |
4.6 % |
| Nondefense |
|
10.4 % |
1.7 % |
4.1 % |
10.9 % |
6.4 % |
4.1 % |
| State & local |
|
-2.1 % |
-2.3 % |
-1.7 % |
-0.7 % |
1.5 % |
2.2 % |
| |
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
| Final sales of domestic product |
|
0.4 % |
-2.7 % |
-2.6 % |
-7.6 % |
1.2 % |
2.7 % |
| Gross domestic purchases |
|
2 % |
-1.2 % |
-2.4 % |
-9.4 % |
-0.2 % |
1.9 % |
| Final sales to domestic
purchasers |
|
0.4 % |
-2.7 % |
-2.6 % |
-7.6 % |
1.2 % |
2.7 % |
| Gross national product
(GNP) |
|
- % |
-2.7 % |
-3.1 % |
-9.7 % |
0.3 % |
- % |
| Disposable personal income |
|
15.5 % |
3.1 % |
6.8 % |
11.9 % |
1.7 % |
2.4 % |
| |
|
|
|
|
|
|
| Current-dollar measures: |
|
|
|
|
|
|
| GDP |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Final sales of domestic product |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Gross domestic purchases |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Final sales to domestic purchasers |
|
- % |
- % |
- % |
- % |
- % |
- % |
| GNP |
|
- % |
- % |
- % |
- % |
- % |
- % |
| Disposable personal income |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
U.S. Real Gross Domestic Product and Related Measures
GDP, U.S. Economy in Billions of U.S. dollars
Quarters seasonally adjusted
(At annual rates, in Billions of Dollars) |
I Q. 2021
rev. |
IV Q. 2020
adv. |
III Q. 2020
final |
II Q. 2020
rev. |
I Q. 2020
adv. |
IV Q. 2019
final |
| Gross domestic product
(GDP) |
|
22,048.9 |
21,494.7 |
21,170.3 |
19,486.5 |
21,539.7 |
21,726.8 |
|
Personal consumption expenditures |
|
15,041.1 |
14,537.0 |
14,401.5 |
13,046.7 |
14,583.3 |
14,789.3 |
| Goods |
|
5,183.5 |
4,852.4 |
4,868.4 |
4,364.3 |
4,550.1 |
4,559.8 |
| Durable
goods |
|
1,910.9 |
1,748.1 |
1,753.0 |
1,480.1 |
1,485.1 |
1,546.9 |
| Motor vehicles & parts |
|
645.3 |
587.0 |
585.0 |
486.5 |
493.6 |
541.1 |
| Furniture & household equipment |
|
445.5 |
403.5 |
407.6 |
351.8 |
354.6 |
356.3 |
| Other |
|
258.7 |
235.1 |
234.8 |
169.6 |
214.0 |
225.9 |
| |
|
|
|
|
|
|
|
| Nondurable goods |
|
3,272.6 |
3,104.3 |
3,115.4 |
2,884.2 |
3,065.0 |
3,012.9 |
| Food off-premises consumption |
|
1,181.9 |
1,138.7 |
1,147.0 |
1,135.8 |
1,120.4 |
1,041.5 |
| Clothing
& shoes |
|
418.0 |
380.1 |
380.0 |
288.6 |
362.5 |
400.5 |
| Gasoline,
fuel, oil & other energy goods |
|
307.1 |
251.0 |
248.4 |
190.4 |
313.0 |
342.9 |
| Other |
|
1,365.6 |
1,334.6 |
1,340.0 |
1,269.4 |
1,269.1 |
1,228.0 |
| |
|
|
|
|
|
|
|
| Services |
|
9,857.7 |
9,684.6 |
9,533.2 |
8,682.4 |
10,033.2 |
10,229.4 |
| Housing |
|
9,397.1 |
9,198.6 |
9,039.0 |
8,111.5 |
9,506.9 |
9,770.1 |
| Food services |
|
865.4 |
815.9 |
824.7 |
613.2 |
948.4 |
1,035.8 |
| Electricity & gas |
|
2,842.8 |
2,819.3 |
2,799.3 |
2,781.6 |
2,730.4 |
2,708.9 |
| Financial services |
|
1,253.3 |
1,233.8 |
1,212.9 |
1,180.9 |
1,183.4 |
1,178.6 |
| Transportation |
|
379.8 |
364.6 |
362.2 |
294.7 |
451.7 |
487.4 |
| Medical
care |
|
2,507.3 |
2,458.0 |
2,369.4 |
1,991.7 |
2,422.1 |
2,510.4 |
| Recreation |
|
428.8 |
403.6 |
390.5 |
274.3 |
551.6 |
598.5 |
| Other |
|
1,119.7 |
1,103.4 |
1,080.0 |
975.1 |
1,219.3 |
1,250.6 |
| |
|
|
|
|
|
|
|
|
Gross private domestic investment |
|
3,901.8 |
3,926.3 |
3,688.2 |
3,134.2 |
3,629.0 |
3,699.2 |
| Fixed investment |
|
3,992.0 |
3,866.2 |
3,689.0 |
3,432.1 |
3,679.5 |
3,681.3 |
| Nonresidential |
|
2,948.3 |
2,875.9 |
2,787.4 |
2,658.0 |
2,822.6 |
2,863.7 |
| Structures |
|
547.4 |
548.8 |
557.4 |
585.0 |
615.3 |
608.1 |
| Equipment & software |
|
1,319.8 |
1,266.2 |
1,202.0 |
1,057.2 |
1,172.4 |
1,224.1 |
| Information processing equipment & software |
|
489.9 |
456.1 |
443.4 |
401.6 |
388.7 |
406.8 |
| Computers & peripheral equipment |
|
84.8 |
83.5 |
81.3 |
85.5 |
93.2 |
94.1 |
| Software |
|
450.8 |
440.6 |
429.4 |
423.8 |
431.2 |
421.5 |
| Other |
|
545.5 |
536.8 |
517.2 |
506.6 |
510.5 |
515.9 |
| Industrial equipment |
|
271.2 |
264.7 |
249.5 |
238.8 |
245.5 |
249.3 |
| Transportation equipment |
|
280.8 |
268.4 |
238.3 |
175.9 |
272.4 |
296.1 |
| Other equipment |
|
277.8 |
277.0 |
270.8 |
240.9 |
265.8 |
271.9 |
| Residential |
|
1,043.7 |
990.3 |
901.6 |
774.0 |
856.8 |
817.6 |
| |
|
|
|
|
|
|
|
| Change
in private inventories |
|
-90.1 |
60.1 |
-0.8 |
-297.9 |
-50.4 |
17.9 |
| Farm |
|
3.3 |
5.3 |
3.2 |
-1.4 |
0.1 |
-4.3 |
| Nonfarm |
|
-93.4 |
54.8 |
-4.0 |
-296.5 |
-50.5 |
22.2 |
| |
|
|
|
|
|
|
|
| Net
exports of goods & services |
|
-847.0 |
-803.7 |
-736.1 |
-536.8 |
-524.7 |
-577.4 |
| Exports |
|
2,305.3 |
2,210.1 |
2,071.6 |
1,798.5 |
2,420.9 |
2,497.5 |
| Goods |
|
1,618.8 |
1,530.6 |
1,407.1 |
1,134.7 |
1,599.1 |
1,629.4 |
| Services |
|
686.5 |
679.5 |
664.5 |
663.8 |
821.8 |
868.1 |
| |
|
|
|
|
|
|
|
| Imports |
|
3,152.3 |
3,013.8 |
2,807.7 |
2,335.3 |
2,945.6 |
3,074.9 |
| Goods |
|
2,681.4 |
2,553.4 |
2,375.2 |
1,928.9 |
2,379.0 |
2,458.8 |
| Services |
|
470.9 |
460.4 |
432.5 |
406.5 |
566.6 |
616.0 |
| |
|
|
|
|
|
|
|
| Govt. consumption exp. & investment |
|
3,953.0 |
3,835.2 |
3,816.6 |
3,842.4 |
3,852.0 |
3,815.7 |
| Federal |
|
1,557.0 |
1,493.4 |
1,487.0 |
1,509.2 |
1,460.2 |
1,451.9 |
|
National defense |
|
905.8 |
904.4 |
887.7 |
877.6 |
866.0 |
864.1 |
|
Consumption expenditures |
|
713.1 |
712.0 |
700.1 |
688.3 |
695.4 |
687.9 |
|
Gross investment |
|
192.8 |
192.4 |
187.7 |
189.3 |
170.7 |
176.2 |
|
Nondefense |
|
651.2 |
588.9 |
599.3 |
631.7 |
593.8 |
587.7 |
|
Consumption expenditures |
|
493.3 |
430.9 |
440.9 |
479.3 |
451.0 |
445.1 |
|
Gross investment |
|
157.8 |
158.1 |
158.4 |
152.4 |
143.2 |
142.6 |
| State and local |
|
418.0 |
2,341.7 |
2,329.6 |
2,333.1 |
2,391.8 |
2,363.8 |
| Consumption
expenditures |
|
1,939.0 |
1,883.6 |
1,881.2 |
1,884.6 |
1,948.3 |
1,930.6 |
| Gross
investment |
|
456.9 |
458.1 |
448.4 |
448.6 |
443.5 |
433.2 |
| |
|
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
|
| Final sales of domestic product |
|
22,139.0 |
21,434.7 |
21,171.1 |
19,784.4 |
21,590.1 |
21,708.9 |
| Gross domestic purchases |
|
22,895.9 |
22,298.5 |
21,906.4 |
20,023.3 |
22,064.4 |
22,304.2 |
| Final sales to domestic purchasers |
|
22,986.1 |
22,238.4 |
21,907.2 |
20,321.2 |
22,114.8 |
22,286.3 |
| Gross national product |
|
- |
21,704.6 |
21,381.6 |
19,672.0 |
21,804.3 |
- |
| Net domestic product |
|
18,375.4 |
17,874.0 |
17,597.9 |
15,951.3 |
17,988.4 |
18,209.3 |
Annual U.S. Real Gross Domestic Product and Related Measures
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Quarters seasonally adjusted
(At annual rates Q / Q, in %) |
2020
|
2019
|
2018
|
2017
|
2016
|
2015
|
| Gross domestic product (GDP) |
|
-3.5 % |
2.2 % |
2.9 % |
2.2 % |
1.5 % |
2.6 % |
|
Personal consumption expenditures |
|
-3.9 % |
2.4 % |
2.6 % |
2.5 % |
2.7 % |
3.2 % |
| Goods |
|
2.6 % |
3.1 % |
2.8 % |
2.1 % |
2.8 % |
2.6 % |
| Durable goods |
|
3.9 % |
3.7 % |
3.7 % |
3.7 % |
3.7 % |
4 % |
| Nondurable goods |
|
-7.3 % |
1.8 % |
2.1 % |
2 % |
2.3 % |
2.8 % |
| Services
|
|
-5.2 % |
1.7 % |
5.9 % |
4.8 % |
-1.6 % |
5 % |
| |
|
|
|
|
|
|
|
Gross private domestic investment |
|
6.3 % |
4.8 % |
5.5 % |
6.8 % |
5.5 % |
6.9 % |
| Fixed investment |
|
-4 % |
2.9 % |
6.9 % |
5.3 % |
-0.6 % |
2.1 % |
| Nonresidential |
|
-11 % |
-0.6 % |
5 % |
4.6 % |
-4.1 % |
-4.4 % |
| Structures |
|
-5 % |
2.1 % |
7.4 % |
6.1 % |
-3.4 % |
3.5 % |
| Equipment &
software |
|
1.7 % |
6.4 % |
7.5 % |
4.6 % |
6.3 % |
4.8 % |
| Residential |
|
6.1 % |
-1.7 % |
-0.3 % |
3.3 % |
5.5 % |
11.7 % |
| Change in private
inventories |
|
- % |
- % |
- % |
- % |
- % |
- % |
| |
|
|
|
|
|
|
|
Net exports of goods and services |
|
|
|
|
|
|
| Exports
|
|
-12.9 % |
-0.1 % |
4 % |
3 % |
-0.3 % |
0.1 % |
| Goods |
|
-9.5 % |
-0.1 % |
4.7 % |
3.3 % |
0.3 % |
-0.6 % |
| Services |
|
-19.2 % |
-0.1 % |
2.6 % |
2.5 % |
-1.5 % |
1.6 % |
| Imports
|
|
-9.3 % |
1.1 % |
4.5 % |
4.6 % |
1.3 % |
4.6 % |
| Goods |
|
-6 % |
0.5 % |
4.8 % |
4.6 % |
0.9 % |
4.9 % |
| Services |
|
-22.5 % |
3.7 % |
3.3 % |
4.4 % |
3.1 % |
2.9 % |
| |
|
|
|
|
|
|
| Govt. consumption exp.
& gross investment |
|
1.1 % |
2.3 % |
1.5 % |
-0.1 % |
0.8 % |
1.8 % |
| Federal |
|
4.3 % |
4 % |
2.6 % |
0.7 % |
- % |
- % |
| National defense |
|
3.5 % |
5.6 % |
3.4 % |
0.7 % |
-0.7 % |
-2.1 % |
| Nondefense |
|
5.6 % |
1.8 % |
1.5 % |
0.8 % |
1.2 % |
3.3 % |
| State & local |
|
-0.8 % |
1.3 % |
0.8 % |
-0.5 % |
1.2 % |
2.9 % |
| |
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
| Final sales of domestic product |
|
-2.9 % |
2.2 % |
2.7 % |
2.2 % |
1.9 % |
2.4 % |
| Gross domestic purchases |
|
-3.3 % |
2.3 % |
3 % |
2.5 % |
1.7 % |
3.2 % |
| Final sales to domestic
purchasers |
|
-2.7 % |
2.3 % |
2.9 % |
2.5 % |
2.1 % |
3.1 % |
| Gross national product
(GNP) |
|
-3.8 % |
2 % |
2.9 % |
2.3 % |
1.4 % |
2.3 % |
| Disposable personal income |
|
5.8 % |
2.2 % |
2.9 % |
2.6 % |
1.4 % |
3.5 % |
| |
|
|
|
|
|
|
| Current-dollar measures: |
|
|
|
|
|
|
| GDP |
|
-2.3 % |
4 % |
5.2 % |
4.2 % |
2.8 % |
3.7 % |
| Final sales of domestic product |
|
-1.8 % |
4 % |
5 % |
4.2 % |
2.1 % |
3.6 % |
| Gross domestic purchases |
|
-2.1 % |
3.9 % |
5.3 % |
4.2 % |
2.5 % |
3.7 % |
| Final sales to domestic purchasers |
|
-1.5 % |
3.9 % |
5.1 % |
4.8 % |
3.5 % |
3.8 % |
| GNP |
|
-2.6 % |
3.9 % |
5.2 % |
4.3 % |
2.7 % |
3.4 % |
| Disposable personal income |
|
7 % |
3.7 % |
5 % |
4.4 % |
2.6 % |
3.8 % |
| |
|
|
|
|
|
|
Annual U.S. GDP
(In Billions of Dollars) |
2020
|
2019
|
2018
|
2017
|
2016
|
2015
|
| Gross domestic product
(GDP) |
|
20,936.6 |
21,433.2 |
21,427.1 |
20,580.2 |
18,624.5 |
18,036.6 |
|
Personal consumption expenditures |
|
14,145.3 |
14,544.6 |
14,561.2 |
13,998.7 |
12,820.7 |
12,283.7 |
| Goods |
|
4,658.8 |
4,512.2 |
4,505.3 |
4,364.8 |
4,121.4 |
4,012.1 |
| Durable
goods |
|
1,619.0 |
1,534.4 |
1,526.6 |
1,475.6 |
1,411.0 |
1,355.2 |
| Motor vehicles & parts |
|
535.3 |
521.8 |
531.2 |
521.5 |
480.8 |
464.8 |
| Furniture & household equipment |
|
380.6 |
357.4 |
353.7 |
341.2 |
325.2 |
305.1 |
| Other |
|
212.7 |
221.7 |
224.1 |
218.3 |
385.5 |
376.6 |
| |
|
|
|
|
|
|
|
| Nondurable goods |
|
3,039.8 |
2,977.9 |
2,978.6 |
2,889.2 |
2,710.4 |
2,656.9 |
| Food off-premises consumption |
|
1,133.9 |
1,025.7 |
1,032.4 |
1,003.4 |
915.1 |
900.7 |
| Clothing
& shoes |
|
353.6 |
403.5 |
398.9 |
391.5 |
393.7 |
379.5 |
| Gasoline,
fuel, oil & other energy goods |
|
249.5 |
335.4 |
338.0 |
349.6 |
273.7 |
303.7 |
| Other |
|
1,302.8 |
1,213.3 |
1,209.3 |
1,144.6 |
1,126.1 |
1,076.9 |
| |
|
|
|
|
|
|
|
| Services |
|
9,486.5 |
10,032.4 |
10,055.9 |
9,633.9 |
8,699.3 |
8,271.6 |
| Housing |
|
8,965.5 |
9,593.2 |
9,606.6 |
9,190.9 |
8,340.4 |
7,943.7 |
| Food services |
|
795.8 |
999.5 |
1,019.2 |
973.3 |
849.2 |
808.8 |
| Electricity & gas |
|
2,784.3 |
2,681.2 |
2,670.2 |
2,567.2 |
3,022.1 |
2,963.2 |
| Financial services |
|
1,207.4 |
1,176.1 |
1,156.1 |
1,111.0 |
984.7 |
921.1 |
| Transportation |
|
366.7 |
483.4 |
478.1 |
462.2 |
392.5 |
368.4 |
| Medical
care |
|
2,307.9 |
2,450.8 |
2,467.9 |
2,352.6 |
2,163.7 |
2,069.0 |
| Recreation |
|
405.2 |
580.4 |
586.9 |
563.2 |
492.6 |
466.3 |
| Other |
|
1,098.2 |
1,221.8 |
1,228.4 |
1,161.3 |
1,126.1 |
1,076.9 |
| |
|
|
|
|
|
|
|
|
Gross private domestic investment |
|
3,604.7 |
3,751.2 |
3,744.2 |
3,628.3 |
3,057.2 |
3,056.6 |
| Fixed investment |
|
3,677.6 |
3,702.1 |
3,675.9 |
3,573.6 |
3,022.1 |
2,963.2 |
| Nonresidential |
|
2,792.3 |
2,895.0 |
2,878.4 |
2,786.9 |
2,316.3 |
2,311.3 |
| Structures |
|
584.7 |
650.2 |
626.6 |
633.2 |
516.2 |
507.3 |
| Equipment & software |
|
1,176.7 |
1,241.0 |
1,240.9 |
1,222.6 |
1,043.9 |
1,086.1 |
| Information processing equipment & software |
|
419.7 |
397.2 |
412.7 |
408.6 |
303.9 |
314.3 |
| Computers & peripheral equipment |
|
85.1 |
90.7 |
93.0 |
89.4 |
73.1 |
78.5 |
| Software |
|
429.5 |
411.2 |
414.5 |
380.0 |
230.8 |
235.8 |
| Other |
|
516.3 |
501.9 |
503.4 |
461.7 |
230.8 |
235.8 |
| Industrial equipment |
|
252.0 |
260.9 |
252.5 |
245.9 |
225.0 |
220.9 |
| Transportation equipment |
|
241.1 |
310.3 |
301.6 |
301.8 |
286.7 |
308.1 |
| Other equipment |
|
263.9 |
272.5 |
274.1 |
266.3 |
228.3 |
242.9 |
| Residential |
|
885.2 |
807.1 |
797.5 |
786.7 |
705.9 |
651.9 |
| |
|
|
|
|
|
|
|
| Change
in private inventories |
|
-72.8 |
49.1 |
68.3 |
54.7 |
35.1 |
93.4 |
| Farm |
|
1.1 |
-14.5 |
-7.6 |
-7.8 |
-0.6 |
-2.0 |
| Nonfarm |
|
-73.9 |
63.6 |
75.8 |
62.5 |
35.7 |
95.4 |
| |
|
|
|
|
|
|
|
| Net
exports of goods & services |
|
-644.8 |
-610.5 |
-631.7 |
-638.2 |
-521.2 |
-522.0 |
| Exports |
|
2,127.1 |
2,514.8 |
2,504.2 |
2,510.3 |
2,214.6 |
2,264.3 |
| Goods |
|
1,418.0 |
1,636.7 |
1,643.8 |
1,661.3 |
1,446.0 |
1,498.4 |
| Services |
|
709.2 |
878.0 |
860.4 |
848.9 |
768.5 |
765.9 |
| |
|
|
|
|
|
|
|
| Imports |
|
2,772.0 |
3,125.2 |
3,136.0 |
3,148.5 |
2,735.8 |
2,786.3 |
| Goods |
|
2,308.6 |
2,525.6 |
2,530.1 |
2,570.6 |
2,224.2 |
2,291.1 |
| Services |
|
463.4 |
599.6 |
605.9 |
577.9 |
511.6 |
495.2 |
| |
|
|
|
|
|
|
|
| Govt. consumption exp. & investment |
|
3,831.3 |
3,747.9 |
3,753.5 |
3,591.5 |
3,267.8 |
3,218.3 |
| Federal |
|
1,484.5 |
1,419.2 |
1,423.5 |
1,347.3 |
1,231.5 |
1,225.0 |
|
National defense |
|
885.6 |
852.4 |
846.7 |
793.6 |
728.9 |
732.0 |
|
Consumption expenditures |
|
697.9 |
676.5 |
677.9 |
637.4 |
585.2 |
590.6 |
|
Gross investment |
|
187.7 |
175.9 |
168.8 |
156.2 |
143.7 |
141.3 |
|
Nondefense |
|
598.8 |
576.8 |
540.9 |
516.2 |
502.6 |
493.0 |
|
Consumption expenditures |
|
444.6 |
420.8 |
436.1 |
419.5 |
379.4 |
373.1 |
|
Gross investment |
|
154.2 |
146.0 |
140.6 |
134.2 |
123.3 |
119.9 |
| State and local |
|
2,346.9 |
2,328.7 |
2,330.0 |
2,244.2 |
2,036.3 |
1,993.3 |
| Consumption
expenditures |
|
1,894.4 |
1,897.8 |
1,904.5 |
1,847.4 |
1,693.6 |
1,641.2 |
| Gross
investment |
|
452.4 |
431.0 |
425.4 |
396.8 |
342.7 |
352.2 |
| |
|
|
|
|
|
|
|
| Addenda: |
|
|
|
|
|
|
|
| Final sales of domestic product |
|
21,009.4 |
21,384.1 |
21,358.8 |
20,525.5 |
18,589.4 |
17,943.3 |
| Gross domestic purchases |
|
21,581.4 |
22,043.7 |
22,058.8 |
21,218.4 |
19,145.7 |
18,558.6 |
| Final sales to domestic purchasers |
|
21,654.2 |
21,994.6 |
21,990.6 |
21,163.7 |
19,110.6 |
18,465.2 |
| Gross national product |
|
21,140.6 |
21,702.9 |
21,723.2 |
20,848.1 |
15,842.8 |
15,246.9 |
| Net domestic product |
|
17,377.5 |
18,012.3 |
17,964.1 |
17,288.8 |
18,624.5 |
18,036.6 |
|
